South Korean automobile major Hyundai Motor on Tuesday said it is investing $300 million in ride-hailing service provider Ola, identifying India as the centrepiece in its strategy to gain leadership in global mobility market.
The investment will be jointly made by group firms — Hyundai Motor Company and Kia Motors Corporation — and under a tripartite agreement with Ola, the companies will jointly develop the electric vehicles (EVs) ecosystem and fleet services for global markets.
Under the partnership, the three firms will also aim to develop EVs and charging infrastructure customised for the Indian market, the companies said in a joint statement.
